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S&P Capital IQ Fund Research Assigns Grading to Mashreq Al Islami Income Fund

London, 8 July 2012 - S&P Capital IQ Fund Research announced today that it has assigned a Silver fund grading to Mashreq Al Islami Income Fund, the first Islamic fixed-income fund in the MENA region to be graded by S&P Capital IQ.

The UAE-domiciled product is run by Abdul Hussain, Mashreq Capital's experienced CIO of fixed income and group CEO. Mashreq Capital is part of Mashreq Bank, the largest retail bank in the UAE.

Hussain set up the fixed income business at the end of 2005 and was joined in April 2007 by Aliasgar Tambawala, who is back-up portfolio manager. They are supported by two analysts.

The fund invests in a diversified portfolio of sukuk and other Shariah-compliant fixed income securities (around 15 holdings, which are each less than 20%) originating primarily from countries in the GCC and MENA, and may also have up to 20% in other emerging markets (primarily Asia, emerging Europe and Africa).

The fund has no formal benchmark as its investment universe is set by the Shariah board, which may not accept bonds regarded as sukuk by other boards. Therefore managing against an index can be problematic. However, the manager seeks a 5-7% annualised return over the life of the fund. Cumulatively from inception, the fund has returned 27.56%, which gives an annualised 8.97% return.

"This strong track record achieved by the group's experienced fixed income manager working from a team-based and controlled process allows the fund to achieve an S&P Capital IQ Silver grading," says Randal Goldsmith, fund analyst at S&P Capital IQ.

Abdul Kadir Hussain, CEO, Mashreq Capital, said, " Mashreq Al Islami is the first sukuk fund in the region to receive a grading by S&P Capital IQ. We are proud to achieve yet another milestone, which is a true reflection of our investment management capabilities even during tough market environment. We hope that the grading will further contribute to our success. The fund has achieved excellence performance recording a return of 30.11% in last three years."

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Media Contact: Stefanie Ives/David Sells, Citigate Dewe Rogerson: 0207 282 2815/63

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© Press Release 2012

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